Porto Alegre, July 12, 2021 – The US corn crop continues with an unchanged profile. Good rainfall in the Midwest core and large growing region, and below normal in the Plains and the north of the Corn Belt. The focus is now on the climate profile for the rest of July and August, a decisive phase for local production. Other additional movements are related to the export flow from the states at the end of the business year and the Chinese crop to be reaped as of October.
USDA maintained good to excellent crop conditions at 64% last week, even with satisfactory rainfall registered at the core of corn production – Iowa, Illinois, Indiana, Ohio and Missouri. Crop design will only be conclusive after pollination, which must start in several states in the coming few days. The Pro Farmer crop tour will only take place on the week of August 16 this year. So, until then, there is ample room for speculative price movements on the Chicago Board of Trade (CBOT).